This means that if left open to interpretation, there's a good chance it's on them, but you would need to consult with an attorney on that one. 

Accept absolutely no payments from these scumbags for anything, as that may be interpreted as accepting the lease.

That property visit will help you to start an apple for apples comparison of market sale comps which will help you establish an ARV.More specifically, ARV is a partially subjective matter based on hard data points, but where it becomes subjective is how variables are interpreted differently by different people.

However, I have seen where syndicators interpret the "limit" as 10 or fewer GPs.I haven't seen any restriction on the # of LPs.

But I interpreted your first post to indicate running test ads before considering an offer.

That is how I interpreted it ? 

. :-) Because the answer depends on the interpretation of the law.

@Nicky Reader Based off of everyone’s interpretation I think I would put Olde North is the B- range.

Your "shall execute...according to the following terms"....your terms are incomplete and would be subject to interpretation, negotiation of missing details, etc. which may make it unenforceable.  

Real estate brokers typically don't obtain a purchase contract or option in their name, and sell the contract or option.This is not to say that doing the above as a business model does not require a real estate license (state requirements, laws and interpretations vary), bu,t that if you don't appear to be doing what real estate broker's do you are much less likely to be sued, accused, or catch the eye of the regulatory authorities.